Submission of Information Collection for OMB Review; Comment Request; Disclosure of Termination Information, 1131-1132 [2024-00188]

Download as PDF Federal Register / Vol. 89, No. 6 / Tuesday, January 9, 2024 / Notices khammond on DSKJM1Z7X2PROD with NOTICES SUPPLEMENTARY INFORMATION: OMB Number: 3133–0102. Title: Truth in Lending (TILA); Regulation Z. Type of Review: Extension of a previously approved collection. Abstract: The Truth in Lending Act (TILA) was enacted to foster comparison credit shopping and informed credit decision making by requiring accurate disclosure of the costs and terms of credit to consumers and to protect consumers against inaccurate and unfair credit billing practices. TILA has been revised numerous times since it took effect, notably by passage of the Fair Credit Billing Act of 1974, the Consumer Leasing Act of 1976, the Truth in Lending Simplification and Reform Act of 1980, the Fair Credit and Charge Card Disclosure Act of 1988, and the Home Equity Loan Consumer Protection Act of 1988. Historically, TILA was implemented by the Board of Governors of the Federal Reserve System’s (FRB) Regulation Z, 12 CFR part 226. The Dodd-Frank Wall Street Reform and Consumer Protection Act transferred FRB’s rulemaking authority for TILA to the Consumer Financial Protection Bureau (CFPB). Regulation Z contains several provisions that impose information collection requirements: The information collection requirements for open-end credit products; the information collection requirements for closed-end credit; the information collection requirements that apply to both open- and closed-end mortgage credit; the information collection requirements for specific residential mortgage types-namely, reverse mortgages and high cost mortgages with rates and fees above specified thresholds; the information collection requirements for private education loans; and information collection requirements related to Regulation Z’s advertising and record retention rules. The collection of information pursuant to Part 1026 is triggered by specific events and disclosures and must be provided to consumers within the time periods established under the regulation. To ease the compliance cost (particularly for small credit unions), model forms and clauses are appended to the regulation. Affected Public: Private Sector: Notfor-profit institutions. Estimated Total Annual Burden Hours: 2,906,986. OMB Number: 3133–0180. Title: Liquidity and Contingency Funding Plans, 12 CFR 741.12. Type of Review: Extension of a previously approved collection. VerDate Sep<11>2014 16:38 Jan 08, 2024 Jkt 262001 Abstract: Section 741.12 establishes a three-tier framework for FICUs, based on asset size. FICUs with assets under $50 million must maintain a basic policy, those with assets of $50 million and over must maintain a contingency funding plan, and those with assets over $250 million must maintain a contingency funding plan and establish a federal liquidity contingency source. The reviews will conclude if federally insured credit unions are maintaining appropriate liquidity levels for the amount of balance sheet risk exposure and help prevent losses to credit unions and the NCUSIF. Affected Public: Private Sector: Notfor-profit institutions. Estimated Total Annual Burden Hours: 4,248. OMB Number: 3133–0186. Title: Higher-Risk Mortgage Appraisals. Type of Review: Revision of a currently approved collection. Abstract: Section 1471 of the DoddFrank Act established Truth in Lending section 129H, which contains appraisal requirements applicable to higher-risk mortgages and prohibits a creditor from extending credit in the form of a higherrisk mortgage loan to any consumer without meeting those requirements. A higher-risk mortgage is defined as a residential mortgage loan secured by a principal dwelling with an annual percentage rate that exceeds the average prime offer rate for a comparable transaction as of the date the interest rate is set by certain enumerated percentage point spreads. This statutory requirement is promulgated in 12 CFR part 1026, Regulation Z, by the Bureau of Consumer Financial Protection, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, the Federal Housing Finance Authority, the NCUA, and the Office of the Comptroller of the Currency. The information collections are required by statute, are necessary to protect consumers, and promote the safety and soundness of creditors making higher-risk mortgage loans. Affected Public: Private Sector: Notfor-profit institutions. Estimated Total Annual Burden Hours: 236. Request for Comments: Comments submitted in response to this notice will be summarized and included in the request for Office of Management and Budget approval. All comments will become a matter of public record. The public is invited to submit comments concerning: (a) whether the collection of information is necessary for the proper performance of the function of the PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 1131 agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information, including the validity of the methodology and assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of the information on the respondents, including the use of automated collection techniques or other forms of information technology. By the National Credit Union Administration Board. Melane Conyers-Ausbrooks, Secretary of the Board. [FR Doc. 2024–00182 Filed 1–8–24; 8:45 am] BILLING CODE 7535–01–P PENSION BENEFIT GUARANTY CORPORATION Submission of Information Collection for OMB Review; Comment Request; Disclosure of Termination Information Pension Benefit Guaranty Corporation. AGENCY: Notice of request for extension of OMB approval of an information collection. ACTION: The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval under the Paperwork Reduction Act of a collection of information on the disclosure of termination information under its regulations for distress terminations and for PBGC-initiated terminations. This notice informs the public of PBGC’s intent and solicits public comment on the collection of information. SUMMARY: Comments must be submitted on or before February 8, 2024. DATES: Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. All comments received will be posted without change to PBGC’s website, https://www.pbgc.gov, including any personal information provided. Do not submit comments that include any personally identifiable information or confidential business information. ADDRESSES: E:\FR\FM\09JAN1.SGM 09JAN1 khammond on DSKJM1Z7X2PROD with NOTICES 1132 Federal Register / Vol. 89, No. 6 / Tuesday, January 9, 2024 / Notices A copy of the request will be posted on PBGC’s website at https:// www.pbgc.gov/prac/laws-andregulation/federal-register-notices-openfor-comment. It may also be obtained without charge by writing to the Disclosure Division (disclosure@ pbgc.gov), Office of the General Counsel of PBGC, 445 12th Street SW, Washington, DC 20024–2101; or, calling 202–229–4040 during normal business hours. If you are deaf or hard of hearing or have a speech disability, please dial 7–1–1 to access telecommunications relay services. FOR FURTHER INFORMATION CONTACT: Monica O’Donnell (odonnell.monica@ pbgc.gov), Attorney, Regulatory Affairs Division, Office of the General Counsel, Pension Benefit Guaranty Corporation, 445 12th Street SW, Washington, DC 20024–2101, 202–229–8706. If you are deaf or hard of hearing or have a speech disability, please dial 7–1–1 to access telecommunications relay services. SUPPLEMENTARY INFORMATION: Sections 4041 and 4042 of the Employee Retirement Income Security Act of 1974, as amended (‘‘ERISA’’), 29 U.S.C. 13019–1461, govern the termination of single-employer defined benefit pension plans that are subject to title IV of ERISA. A plan administrator may initiate a distress termination pursuant to section 4041(c), and PBGC may itself initiate proceedings to terminate a pension plan under section 4042 if PBGC determines that certain conditions are present. Under sections 4041 and 4042 of ERISA, upon a request by an affected party, a plan administrator must disclose information it has submitted to PBGC in connection with a distress termination filing, and a plan administrator or plan sponsor must disclose information it has submitted to PBGC in connection with a PBGCinitiated termination. The provisions also require PBGC to disclose the administrative record relating to a PBGC-initiated termination upon request by an affected party. The existing collection of information was approved under OMB control number 1212–0065 (expires April 30, 2024). On October 27, 2023, PBGC published in the Federal Register (at 88 FR 73887) a notice informing the public of its intent to request an extension of this collection of information. No comments were received. PBGC is requesting that OMB extend approval of the collection for three years. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. VerDate Sep<11>2014 16:38 Jan 08, 2024 Jkt 262001 PBGC estimates that approximately 30 plans will terminate as distress or PBGC-initiated terminations each year and that two participants or other affected parties of every nine distress terminations or PBGC-initiated terminations filed will annually make requests for termination information, or 2⁄9 of 30 (approximately 7 per year). PBGC estimates that the hour burden for each request will be about 20 hours. PBGC expects that the staff of plan administrators and sponsors will perform the work in-house and that no work will be contracted to third parties. The total annual hour burden is estimated to be 140 hours (7 plans × 20 hours), and the total annual cost burden is estimated to be $0. Issued in Washington, DC. Hilary Duke, Assistant General Counsel for Regulatory Affairs, Pension Benefit Guaranty Corporation. [FR Doc. 2024–00188 Filed 1–8–24; 8:45 am] BILLING CODE 7709–02–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–99266; File No. SR–MEMX– 2023–41] Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange’s Fee Schedule To Remove Expired Rebate Tier Criterion January 3, 2024. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on December 26, 2023, MEMX LLC (‘‘MEMX’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing with the Commission a proposed rule change to amend the Exchange’s fee schedule applicable to Members 3 (the ‘‘Fee Schedule’’) pursuant to Exchange Rules 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Exchange Rule 1.5(p). 2 17 PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 15.1(a) and (c). The Exchange proposes to implement the changes to the Fee Schedule pursuant to this proposal on January 1, 2024. The text of the proposed rule change is provided in Exhibit 5. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to amend the Fee Schedule to remove an expired criteria under Liquidity Provision Tier 4. The Exchange currently provides a base rebate of $0.0015 per share for executions of orders in securities priced at or above $1.00 per share that add displayed liquidity to the Exchange (such orders, ‘‘Added Displayed Volume’’).4 The Exchange also currently offers Liquidity Provision Tiers 1–5 under which a Member may receive an enhanced rebate for executions of Added Displayed Volume by achieving the corresponding required volume criteria for each such tier. With respect to Liquidity Provision Tier 4, the Exchange currently provides an enhanced rebate of $0.0029 per share for executions of Added Displayed Volume for Members that qualify for such tier by achieving: (1) an ADAV 5 (excluding Retail Orders) that is equal to or greater than 0.09% of the TCV; 6 or (2) an ADAV that is equal to or greater than 0.006% of the TCV and a Step-Up 4 The base rebate for executions of Added Displayed Volume is referred to by the Exchange on the Fee Schedule under the existing description ‘‘Added displayed volume’’ with a Fee Code of ‘‘B’’, ‘‘D’’ or ‘‘J’’, as applicable, on execution reports. 5 As set forth on the Fee Schedule, ‘‘ADAV’’ means the average daily added volume calculated as the number of shares added per day, which is calculated on a monthly basis. 6 As set forth on the Fee Schedule, ‘‘TCV’’ means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply. E:\FR\FM\09JAN1.SGM 09JAN1

Agencies

Pension Benefit Guaranty Corporation

[Federal Register Volume 89, Number 6 (Tuesday, January 9, 2024)]
[Notices]
[Pages 1131-1132]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-00188]


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PENSION BENEFIT GUARANTY CORPORATION


Submission of Information Collection for OMB Review; Comment 
Request; Disclosure of Termination Information

AGENCY: Pension Benefit Guaranty Corporation.

ACTION: Notice of request for extension of OMB approval of an 
information collection.

-----------------------------------------------------------------------

SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) is requesting 
that the Office of Management and Budget (OMB) extend approval under 
the Paperwork Reduction Act of a collection of information on the 
disclosure of termination information under its regulations for 
distress terminations and for PBGC-initiated terminations. This notice 
informs the public of PBGC's intent and solicits public comment on the 
collection of information.

DATES: Comments must be submitted on or before February 8, 2024.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    All comments received will be posted without change to PBGC's 
website, https://www.pbgc.gov, including any personal information 
provided. Do not submit comments that include any personally 
identifiable information or confidential business information.

[[Page 1132]]

    A copy of the request will be posted on PBGC's website at https://www.pbgc.gov/prac/laws-and-regulation/federal-register-notices-open-for-comment. It may also be obtained without charge by writing to the 
Disclosure Division ([email protected]), Office of the General 
Counsel of PBGC, 445 12th Street SW, Washington, DC 20024-2101; or, 
calling 202-229-4040 during normal business hours. If you are deaf or 
hard of hearing or have a speech disability, please dial 7-1-1 to 
access telecommunications relay services.

FOR FURTHER INFORMATION CONTACT: Monica O'Donnell 
([email protected]), Attorney, Regulatory Affairs Division, 
Office of the General Counsel, Pension Benefit Guaranty Corporation, 
445 12th Street SW, Washington, DC 20024-2101, 202-229-8706. If you are 
deaf or hard of hearing or have a speech disability, please dial 7-1-1 
to access telecommunications relay services.

SUPPLEMENTARY INFORMATION: Sections 4041 and 4042 of the Employee 
Retirement Income Security Act of 1974, as amended (``ERISA''), 29 
U.S.C. 13019-1461, govern the termination of single-employer defined 
benefit pension plans that are subject to title IV of ERISA. A plan 
administrator may initiate a distress termination pursuant to section 
4041(c), and PBGC may itself initiate proceedings to terminate a 
pension plan under section 4042 if PBGC determines that certain 
conditions are present. Under sections 4041 and 4042 of ERISA, upon a 
request by an affected party, a plan administrator must disclose 
information it has submitted to PBGC in connection with a distress 
termination filing, and a plan administrator or plan sponsor must 
disclose information it has submitted to PBGC in connection with a 
PBGC-initiated termination. The provisions also require PBGC to 
disclose the administrative record relating to a PBGC-initiated 
termination upon request by an affected party.
    The existing collection of information was approved under OMB 
control number 1212-0065 (expires April 30, 2024). On October 27, 2023, 
PBGC published in the Federal Register (at 88 FR 73887) a notice 
informing the public of its intent to request an extension of this 
collection of information. No comments were received. PBGC is 
requesting that OMB extend approval of the collection for three years. 
An agency may not conduct or sponsor, and a person is not required to 
respond to, a collection of information unless it displays a currently 
valid OMB control number.
    PBGC estimates that approximately 30 plans will terminate as 
distress or PBGC-initiated terminations each year and that two 
participants or other affected parties of every nine distress 
terminations or PBGC-initiated terminations filed will annually make 
requests for termination information, or \2/9\ of 30 (approximately 7 
per year). PBGC estimates that the hour burden for each request will be 
about 20 hours. PBGC expects that the staff of plan administrators and 
sponsors will perform the work in-house and that no work will be 
contracted to third parties. The total annual hour burden is estimated 
to be 140 hours (7 plans x 20 hours), and the total annual cost burden 
is estimated to be $0.

    Issued in Washington, DC.
Hilary Duke,
Assistant General Counsel for Regulatory Affairs, Pension Benefit 
Guaranty Corporation.
[FR Doc. 2024-00188 Filed 1-8-24; 8:45 am]
BILLING CODE 7709-02-P

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